Story of the Day
The National Association of Savings and Credit Unions (NASCU), the apex organisation for all financial cooperatives in Zambia, on 27 June, 2022, announced the successful implementation and testing of UnionPay International Debit Card. In 2021, UnionPay International entered into an agreement with NASCU as part of the its Financial Inclusion Program to introduce safe, secure, efficient and transparent electronic systems to help Cooperatives and Credit Union members access their savings, transacting and loan accounts. Read more
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This week the Zambian Government launches its game-changing US$6billion Zambia Water Investment Programme during the African Union mid-year Summit in Lusaka. The Programme is part of the Continental Africa Water Investment Programme (AIP) that was adopted by African Union Heads of State and Government as part of the Programme for Infrastructure Development in Africa – Priority Action Plan 2, during the AU Summit on 7th February 2021. Read more: Busiweek
Vice President, Mutale Nalumango is expected in India to attend the 17th Exim Bank conclave on India – Africa Growth Partnership. Zambia’s Acting High Commissioner to India, Deliwe Mumbi says that the India -Africa Growth Partnership conclave being organised by the Chamber of Indian Industries (CII) will be held from July 19 to 20 at the Taj Palace in New Delhi, India. More than 33 African countries have confirmed participation at the India – Africa Growth Partnership meeting which has attracted over 300 representatives from African governments and businesses and nearly 200 leading local Indian firms. Read more: ZNBC
The United Nations Economic Commission for Africa -UNECA- has applied to the International Monetary Fund -IMF to give Zambia access to one billion United States dollars to help reduce rising fuel prices. UNECA Executive Secretary, Vera Songwe says the money will help reduce the pressure which the 30 percent rise in fuel prices is having in Zambia. Dr. Songwe, who is also United Nations Under Secretary General, says the one billion dollars is from the Special Drawing Rights -SDR which countries like Zambia have access to at the IMF. Read more: ZNBC
Finance and National Planning Minister Dr Situmbeko Musokotwane says the reclassification of Zambia to low-income status won’t have serious effects on the economy as investors will still be able to invest. Presenting a Ministerial statement in Parliament on the reclassification of Zambia to low income status, Friday, Dr Musokotwane said government was already making progress to restore Zambia’s status as evidenced by the appreciation of the Kwacha. Read more: News Diggers
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MTN Group and Telkom said they have both been engaging in early stage acquisition talks. If these talks are fruitful, they could lead to MTN Group acquiring Telkom under a stock/cash-and-stock arrangement. Both companies have however forewarned stakeholders that there is no guarantee that a deal would actually be signed at the end of ongoing negotiations. Regardless of this uncertainty, the stock market reacted positively to the news, with both Telkom’s and MTN’ share prices jumping 20% and 5%, respectively. Read more: Business Insider
Nigeria’s inflation rate has continued to soar, accelerating to 18.60% in June according to the latest Consumer Price Index report by the National Bureau of Statistics (NBS). According to the CPI report which was seen by Business Insider Africa, the inflation rate increased by 1.82% month-on-month, jumping past the 17.71% that was reported in May. Read more: Business Insider
The South African government says it intends to make 2 million jobs available for South Africans before 2024 by removing foreign nationals. South Africa has one of the highest unemployment rates in the world. According to Statistics South Africa, the government agency entrusted with producing official stats for the country, 7.9 million citizens are unemployed. That’s an unemployment rate of 34.5 percent in the first quarter of 2022. The high unemployment rate helps contribute to increasing anti-immigrant sentiment among some South Africans who resent facing additional competition for jobs. Read more: CGTN
Tax cuts are being promised by several Conservative party leadership hopefuls, but a top official at the International Monetary Fund has warned it might be better to raise them instead. “I think debt-financed tax cuts at this point would be a mistake,” said Mark Flanagan, who leads the Fund’s UK team, speaking to BBC News. The leadership contest has reignited the fierce debate over tax cuts. Read more: BBC News
China’s economy contracted sharply in the second quarter of this year as widespread coronavirus lockdowns hit businesses and consumers. Gross domestic product (GDP) fell by 2.6% in the three months to the end of June from the previous quarter. Major cities across China, including the major financial and manufacturing centre Shanghai, were put into full or partial lockdowns during this period. Read more: BBC News
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In 32 trades recorded on Friday, 50,963 shares were transacted resulting in a turnover of K348,893. A share price gain was recorded in Zambeef of K0.02. Trading activity was also recorded in CEC, Chilanga Cement, Standard Chartered Zambia, Shoprite, Zanaco, Zambia Sugar and CEC Africa on the quoted tier. The LuSE All Share Index (LASI) closed at 6,868.39 points, 0.02% up from its previous close of 6,867.01 points. The market closed on a capitalization of K70,828,573,322 including Shoprite Holdings and K36,045,887,882 excluding Shoprite Holdings.